Stability with 15- and 30-Year Options

The fixed-rate home loan is the most popular loan option in the mortgage industry. It offers fixed monthly payments that will never fluctuate, for the next 15 or 30 years, depending on the length of loan you choose. This dependable choice appeals to long-term owners ready to settle in one place for a long period of time. The 15- and 30-year fixed-rate loans are available as conventional or government-insured products, as well as on some jumbo/nonconforming products.

15-Year Fixed Rate Home Loan

The 15-year fixed rate home loan is a good option for people who are looking to pay off their home loan faster, perhaps before their kids go off to college, and can afford a higher monthly payment. Shorter loan terms come with a lower interest rate and a lower amount of total interest paid over the duration of the loan. So, you’ll pay less for your loan – giving you more money in your savings.

And, paying off your loan more quickly gives you the flexibility to move sooner. With a higher monthly payment, you build up equity faster. This gives you more money from your house sale to make a bigger down payment on a future purchase.

30-Year Fixed Rate Home Loan

The 30-year fixed rate home loan can provide a measure of financial security and peace of mind because the terms of the loan are not affected by changes in the market. The lower monthly payment also enables you to better manage financial ups and downs that can occur over the years.

  Fixed-Rate Benefits
15-Year Fixed Rate
  • Monthly payments don’t change
  • Lower interest rate
  • Mortgage tax interest deduction
  • Long-term security
  • Protection from future interest rate increases
30-Year Fixed Rate
  • Monthly payments don’t change
  • Lower monthly payment, more cash in your savings
  • Mortgage tax interest deduction
  • Long-term security
  • Protection from future interest rate increases

Call one of our Mutual of Omaha Mortgage home loan experts today to determine which home loan option best meets your financial goals.

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